
Top 20 Most Funded Startups in Africa in 2023
The startup funding landscape in Africa in 2023 was a mixed bag of encouraging growth and cautious optimism amidst global economic headwinds.
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Egyptian cleantech company, Tagaddod, has secured $26.3 million in a Series A funding round aimed at accelerating its expansion and deepening its capabilities in the renewable feedstocks market across Africa, Asia and Europe.
Founded in 2013 and headquartered in Cairo, Tagaddod operates a proprietary digital platform that sources, consolidates and traces waste‐derived feedstocks such as used cooking oil (UCO), acid oils and animal fats.
The platform brings together thousands of sources — ranging from households and restaurants to food processors and waste aggregators — to supply certified sustainable materials to global biofuels and sustainable aviation fuel (SAF) producers.
The Series A round was led by The Arab Energy Fund (TAEF), a multilateral impact investor that emphasizes sustainable energy and regional energy security.
It drew further backing from established and returning investors, including FMO, Verod-Kepple Africa Ventures (VKAV), and A15 Ventures. Notably, this is TAEF’s first direct investment in the biofuel feedstock sector.
Tagaddod has already established regional coordination hubs in Egypt, Jordan and the Netherlands, and it is building traction in markets such as Saudi Arabia and other priority geographies.
With the fresh capital, the company plans to speed up its market entry and scaling efforts across new and existing territories in Africa, Asia and Europe.
That includes strengthening its technology stack — from AI-driven logistics and predictive analytics to automated traceability — and upgrading its operational infrastructure to manage higher volumes of export-grade renewable feedstocks.
In announcing the new capital, CEO and co-founder Nour El Assal framed the investment as more than just financial backing, calling it a strategic partnership that will enable Tagaddod to build the “infrastructure, technology, and supply chains needed to support a cleaner energy future.”
She added that TAEF’s regional reach and commitment to sustainable development make it an especially fitting partner as the company scales.
As global demand for sustainable feedstocks grows — particularly in the biofuels and SAF space — Tagaddod positions itself as a critical link in the green transition.
By digitizing and organizing a historically fragmented supply chain, the startup aims to become a leading supplier of traceable, certified renewable feedstocks to refineries and off-takers worldwide.

The startup funding landscape in Africa in 2023 was a mixed bag of encouraging growth and cautious optimism amidst global economic headwinds.

The International Finance Corporation (IFC), the private investment arm of the World Bank, has announced a $100 million investment in Raxio Group to support the development of data centres across Africa.

Mediterrania Capital Partners has reached the first closing of its second real estate investment vehicle dedicated to Morocco, raising commitments of 380 million Moroccan dirhams (about $40.5 million).